I think BabySmitty hit the nail on the head, pretty much. For a while I thought this episode was rather boring, because it wasn't as kooky or energetic as later ones, but now that I've matured I've come to realize that this is a remarkable episode, even if it's not one of my favorites. There's definitely a level of intelligence here that's mostly absent in other episodes, such as Spongebob nervous about applying for a job and Patrick (uncharacteristically wise and helpful here) motivating him to achieve his goal. Squidward and Mr. Krabs seem to be good friends in this episode, laughing and getting along, albeit at poor Spongebob's expense. The most hilarious part is when, after sending away a potential frycook on a hopeless mission, they get invaded by anchovies. It's completely unexpected, both for Squidward and Mr. Krabs and the viewer, and the resolution, complete with a great Tiny Tim number, is amazing. The episode is more charming and warm then outright funny, so it might not be to everyone's tastes (especially fans of the later seasons). I'd even wager that a younger/newer fan seeing this episode for the first time would be shocked to see how different the style of the show was back then, how the characters look and act, and how rough the animation is (thought it's still pretty good). But this is the episode that started it all, and it's easy to see why it would go on to become such a phenomenon.
8.5/10